When Berkshire Hathaway Inc. Vice Chairman Charlie Munger earlier this month called Bitcoin “useful to kidnappers and extortionists” and “contrary to the interests of civilization,” crypto enthusiasts mocked his investment performance, compared him to an elderly Muppet, and said he was too old to understand the technology. Michael Saylor, a crypto investor and chief executive officer of MicroStrategy Inc., asked rhetorically in an interview with a precious metals website, “Do you go to your great-grandfather for investment advice on new technologies?”
Munger’s warning is looking pretty good about now. Days ago, a criminal gang hacked Colonial Pipeline Co., in effect shutting down the conduit for 45% of the East Coast’s fuel supply. Details of the hack haven’t been revealed, but the group’s modus operandi is to encrypt its victims’ data and threaten to release it publicly unless paid a ransom in Bitcoin or another cryptocurrency.
How’s that for “contrary to the interests of civilization”?
The overwhelming majority of Bitcoin users have nothing to do with the criminal underworld, and plenty a heist is funded by plain old U.S. dollars. Blaming Bitcoin for the activities of its holders is a bit like getting mad at a $100 bill for being used in a drug deal.
Continue reading your story on the app
Continue reading your story in the magazine
Young U.S. Jews Shift on Israel
Millennial and Gen Z progressives question American support of Israeli policies, a point of tension for the Democratic Party
A British tonic maker aims to conquer the U.S. with its premium mixers
Welcome to the Trump Coast
The former president’s strategic retreat to Mar-a-Lago has helped turn Florida into a new home base for Republicans
THE SEDITION HUNTERS
Amateur sleuths pore over photos and videos online to ID Capitol rioters
The FOMO Economy
From AMC to Dogecoin to houses, buying seems driven as much by anxiety as by hope
KING OF CARDS
Sports trading cards are having a moment. And no one promotes the industry like Ken Goldin
Pay Attention to the Man Behind the Curtain
Vladimir Putin’s tolerance for criminal hackers will be on the agenda when he meets with President Biden on June 16
It's TEQUILA O'CLOCK In NYC
Jimmy Buffett’s Margaritaville is a hit song, a chill state of mind, a billion-dollar marketing empire, and the new best worst attraction in Times Square
Is Streaming the Limit for Sky?
As its content providers start online services, the broadcaster pivots to create its own shows
China's Dangerous Diplomacy
Why the Wolf Warriors won’t change course
TESLA TO STOP ACCEPTING BITCOIN FOR CAR PAYMENTS
Electric car maker Tesla will stop accepting Bitcoin as a payment, CEO Elon Musk tweeted on Wednesday, citing environmental concerns.
THE WORLD OF CRYPTOCURRENCIES
Digital cash, mining, and a grim look at the future of graphics cards.
DOGECOIN: THE NEW BITCOIN IS HAPPENING RIGHT NOW
DISCLAIMER The Content of this article is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained constitutes a solicitation, recommendation, endorsement, or offer by HII or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. All Content presented is the information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in the article or website constitutes professional and/or financial advice.
Binance's Changpeng Zhao: “I'm not using crypto to buy fiat, I'm not using crypto to buy houses. I just want to keep crypto ”
Changpeng Zhao, 44, has spent his life trying to overcome borders. As a child growing up in China, he waited for years until his family could win permission to see his father in Canada, then pursued a career (including a few years at Bloomberg LP) that took him around the world.
Tesla's kiss of confidence sends Bitcoin price skyrocketing
According to Grayscale Bitcoin Trust, Bitcoin price rose 20.6%, its highest since mid-January.
Bitcoin: Fool's Gold or Digital Gold?
The past year has seen the Bitcoin vs Gold as a hedge investment debate hotting up. The price rally in cryptocurrency has led to a shift in sentiments, with many investors now finding it a viable investment.
Bitcoin could reach a high of $146,000, says JPMorgan
Bitcoin’s emergence as ‘digital gold’ could boost its price to $146,000, says JPMorgan & Chase.
COST OF A SINGLE BITCOIN EXCEEDS $50,000 FOR FIRST TIME
The seemingly unstoppable rise of Bitcoin continued with the cost of a single unit of the digital currency rising above $50,000 for the first time.
TESLA BUYS $1.5B IN BITCOIN, WILL ACCEPT AS PAYMENT SOON
Holders of Bitcoin may be able to cash in some of their investment in the digital currency for a brand new electric car.
127 Minutes With… Sam Bankman-Fried
Who was that mysterious Biden donor? A dispassionate 28-year-old with $10 billion in crypto.